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TNR Gold Announces Close of Non-Brokered Private Placement First Tranche
Vancouver, British Columbia--(Newsfile Corp. - February 22, 2022) - TNR Gold Corp. (TSXV: T...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold Announces Close of Non-Brokered Private Placement First TrancheVancouver, British Columbia--(Newsfile Corp. - February 22, 2022) - TNR Gold Corp. (TSXV: TNR) (\"TNR\", \"TNR Gold\" or the \"Company\") is pleased to announce that is has closed the first tranche of the non-brokered private placement (the \"Private Placement\") of up to 5,000,000 units (each a \"Unit\") announced on December 22, 2020. On closing, the Company issued 2,400,000 Units at $0.05 per Unit for proceeds of $120,000. Each Unit consists of one common share of the Company and one half of a non-transferable common share purchase warrant (each a \"Warrant\") with each whole Warrant exercisable into one common share of the Company at an exercise price of $0.075 per share for two years from the date of issue. Closing of the final tranche of the private placement will be completed prior to March 15, 2022.The proceeds of the Private Placement will be used for exploration, maintenance of the Shotgun Gold project and for general working capital purposes. All Private Placement securities will be restricted from trading for a period of four months plus one day from the date of closing.On closing, the Company paid cash finder's fee of 5% of the gross proceeds sourced by the finders.All Private Placement securities will be restricted from trading for a period of four months plus one day from the date of closing. Kirill Klip, Executive Chairman of the Company, and Konstantin Klip, Director of the Company, both non-arms' length parties, participated in this Private Placement. The issuance of private placement securities to non-arms' length parties constitutes related-party transactions under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). Because the Company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Section 5.7(b). The Company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the Company had not been confirmed at that time.ABOUT TNR GOLD CORP. TNR Gold Corp. is working...